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Micron (MU) Inks Power Purchase Contract With Terra-Gen
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Micron Technology (MU - Free Report) recently entered into a multi-year virtual power purchase agreement with a leading renewable energy developer, Terra-Gen, for its U.S. operations. Through this 15-year contract, the company intends to reach its net zero objective and targets to source 100% renewable energy in the United States by 2025 end.
Per the deal, Micron will receive roughly 178 megawatts of wind electricity capacity and associated renewable energy certificates annually. This will allow the company to avoid more than 280,000 metric tons of carbon dioxide equivalent emissions annually, which is comparable to the average electricity use of over 50,000 homes in the United States.
The company aims to spend around $1 billion by 2028 in support of its environmental targets. Some of the targets are reduction of greenhouse gas emissions from operations by 42% by 2030, 75% water conservation and 95% waste reduction, reuse and recycling globally in 2030 and to source 100% renewable energy across U.S. operations by 2025 end.
Micron is witnessing growing demand for memory chips from cloud-computing providers and acceleration in 5G cellular network adoptions. Rising mix of high-value solutions, 5G adoption in Internet of Things devices and wireless infrastructure, enhancement in customer engagement and improvement in cost structure are driving the company’s growth.
A few days ago, the company declared the volume production availability of 96GB DDR5 registered dual in-line memory modules (RDIMMs) in speed up to 4800MT/s. This high-capacity memory designed for data center operations is qualified with the Advanced Micro Devices 4th Gen EPYC processors. It avoids costly die stacking needs that add latency and empower artificial intelligence and in-memory database workloads.
Micron DDR5 RDIMM stands as a significant enhancement in the system memory capabilities that are required to enable increasingly memory-bound algorithms, which bodes well for the next generation of data center infrastructure.
Last month, the company released the Micron 6500 ION NVMe solid-state drive (SSD) and the Micron XTR NVMe SSD to reduce operating costs and advance storage efficiency of the data centers. The new rollouts intend to enable huge storage, control costs and improve data center sustainability for data center operators by reducing power consumption.
In second-quarter fiscal 2023, MU reported revenues of $3.69 billion, which plunged 53% year over year and missed the Zacks Consensus Estimate of $3.76 billion. Rapidly weakening consumer demand and substantial customer inventory adjustments across end markets amid macroeconomic uncertainty were the main reasons behind the dismal quarterly performance. The consensus mark for the company’s third-quarter fiscal 2023 revenues is pegged at $3.69 billion, suggesting a further 57.3% decline.
Zacks Rank & Key Picks
Currently, Micron has a Zacks Rank #5 (Strong Sell). Shares of MU have gained 11.2% in the past year.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised downward by 2 cents to $2.85 per share over the past seven days. For 2023, earnings estimates have moved north by 14.8% to $12.04 in the past 30 days.
META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have climbed 61.3% in the past year.
The Zacks Consensus Estimate for ServiceNow’s second-quarter 2023 earnings has been revised northward by a penny to $2.05 per share over the past 30 days. For 2023, earnings estimates have moved up by 5 cents to $9.59 in the past 30 days.
NOW's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 10.4%. Shares of the company have inched up 21.2% in the past year.
The Zacks Consensus Estimate for Momo’s first-quarter 2023 earnings has been revised southward from 41 cents to 39 cents per share over the past 60 days. For 2023, earnings estimates have moved down by 3 cents to $1.55 in the past 60 days.
MOMO's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 31.9%. Shares of the company have jumped 81.6% in the past year.
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Micron (MU) Inks Power Purchase Contract With Terra-Gen
Micron Technology (MU - Free Report) recently entered into a multi-year virtual power purchase agreement with a leading renewable energy developer, Terra-Gen, for its U.S. operations. Through this 15-year contract, the company intends to reach its net zero objective and targets to source 100% renewable energy in the United States by 2025 end.
Per the deal, Micron will receive roughly 178 megawatts of wind electricity capacity and associated renewable energy certificates annually. This will allow the company to avoid more than 280,000 metric tons of carbon dioxide equivalent emissions annually, which is comparable to the average electricity use of over 50,000 homes in the United States.
The company aims to spend around $1 billion by 2028 in support of its environmental targets. Some of the targets are reduction of greenhouse gas emissions from operations by 42% by 2030, 75% water conservation and 95% waste reduction, reuse and recycling globally in 2030 and to source 100% renewable energy across U.S. operations by 2025 end.
Micron is witnessing growing demand for memory chips from cloud-computing providers and acceleration in 5G cellular network adoptions. Rising mix of high-value solutions, 5G adoption in Internet of Things devices and wireless infrastructure, enhancement in customer engagement and improvement in cost structure are driving the company’s growth.
Micron Technology, Inc. Price and Consensus
Micron Technology, Inc. price-consensus-chart | Micron Technology, Inc. Quote
A few days ago, the company declared the volume production availability of 96GB DDR5 registered dual in-line memory modules (RDIMMs) in speed up to 4800MT/s. This high-capacity memory designed for data center operations is qualified with the Advanced Micro Devices 4th Gen EPYC processors. It avoids costly die stacking needs that add latency and empower artificial intelligence and in-memory database workloads.
Micron DDR5 RDIMM stands as a significant enhancement in the system memory capabilities that are required to enable increasingly memory-bound algorithms, which bodes well for the next generation of data center infrastructure.
Last month, the company released the Micron 6500 ION NVMe solid-state drive (SSD) and the Micron XTR NVMe SSD to reduce operating costs and advance storage efficiency of the data centers. The new rollouts intend to enable huge storage, control costs and improve data center sustainability for data center operators by reducing power consumption.
In second-quarter fiscal 2023, MU reported revenues of $3.69 billion, which plunged 53% year over year and missed the Zacks Consensus Estimate of $3.76 billion. Rapidly weakening consumer demand and substantial customer inventory adjustments across end markets amid macroeconomic uncertainty were the main reasons behind the dismal quarterly performance. The consensus mark for the company’s third-quarter fiscal 2023 revenues is pegged at $3.69 billion, suggesting a further 57.3% decline.
Zacks Rank & Key Picks
Currently, Micron has a Zacks Rank #5 (Strong Sell). Shares of MU have gained 11.2% in the past year.
Some better-ranked stocks from the broader Computer and Technology sector are Meta Platforms (META - Free Report) , ServiceNow (NOW - Free Report) and Momo (MOMO - Free Report) . While Meta and ServiceNow sport a Zacks Rank #1 (Strong Buy), Momo carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised downward by 2 cents to $2.85 per share over the past seven days. For 2023, earnings estimates have moved north by 14.8% to $12.04 in the past 30 days.
META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have climbed 61.3% in the past year.
The Zacks Consensus Estimate for ServiceNow’s second-quarter 2023 earnings has been revised northward by a penny to $2.05 per share over the past 30 days. For 2023, earnings estimates have moved up by 5 cents to $9.59 in the past 30 days.
NOW's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 10.4%. Shares of the company have inched up 21.2% in the past year.
The Zacks Consensus Estimate for Momo’s first-quarter 2023 earnings has been revised southward from 41 cents to 39 cents per share over the past 60 days. For 2023, earnings estimates have moved down by 3 cents to $1.55 in the past 60 days.
MOMO's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 31.9%. Shares of the company have jumped 81.6% in the past year.